Who is eligible for the Career Training Smart Option Student Loan?• Students enrolled, accepted for enrollment, or previously

enrolled at an eligible non-degree-granting institution within the last 365 days.

• Students who are U.S. citizens or permanent residents and with proper evidence of eligibility.

• U.S. citizens enrolled in eligible study abroad programs or studying at select schools outside the U.S. are also eligible.

• International students are eligible with a creditworthy cosigner (who must be a U.S. citizen or permanent resident) and appropriate U.S. Citizenship and Immigration Service documentation.

• Students attending school full time, half time or less than half time, or taking prerequisite classes.

• Students attending summer classes or continuing education classes.

How does one apply?• Students or cosigners can start an application by visiting Sallie Mae

online at SallieMae.com.• After credit approval, students will be presented with monthly

payment amounts, interest rates, and total loan costs to aid them in selecting their repayment option.

How is the Self-Certification Form submitted?• As part of the Higher Education Opportunity Act (HEOA), students

must complete the Self-Certification Form as part of the application process. The form must be completed and submitted prior to loan disbursement.

• Schools can assist students in completing this form by providing any cost of attendance figures.

• The Self-Certification Form will be completed as part of the application process when a student applies for a Career Training Smart Option Student Loan; however, one is available from Sallie Mae upon request.

Can it be used for a prior loan period?• Loans for past due balances may be made if fewer than 365 days

have passed or will pass from the loan period end date to the first disbursement of the loan.

• When student borrower is currently enrolled or plans to re-enroll either full time, half time or less than half time, or has graduated.

What must applicants do to obtain the loan?• Satisfy credit requirements.• Execute an application, promissory note, and any other documents

without alteration.• Meet other customer identification requirements set forth by

Sallie Mae.• Foreign citizen student borrowers must have a cosigner with U.S.

citizenship or permanent residency.

Are there any loan limits?• $1,000 minimum.• Maximum is the published cost of attendance, less other aid

received, as certified by the school. Requested amounts exceeding $99,999 may require multiple loans.

Why is a cosigner recommended?• While not required, student borrowers are encouraged to apply with

a creditworthy cosigner as it may increase the likelihood of the loan being approved and it may help them obtain a lower interest rate.

• It may be wise for students to consider creditworthy family members and other individuals who are willing to help them achieve their education goals. Cosigners must be U.S. citizens or permanent residents.

How does a borrower apply for cosigner release?• A request to have a cosigner released may be made after the

borrower graduates and makes 12 consecutive on-time payments of full principal and interest. Only the borrower may apply for cosigner release. The borrower must provide proof of successful completion of school, be a U.S. citizen or permanent resident, be current and have made 12 consecutive on-time payments of principal and interest immediately before applying, and pass a credit check including income verification when the release request is processed.

• Borrowers should call Sallie Mae at 1-888-272-5543 to initiate the request.

• Releasing the cosigner will not adversely impact the interest rate on the loan.

What is the Death & Disability feature?Upon verification that the student borrower is deceased or permanently and totally disabled, Sallie Mae will waive financial responsibility for the loan and all future disbursements will be canceled. (Note: Loan forgiveness is not available to borrowers in Alaska and Montana.)

Career Training Smart Option Student Loan®Frequently Asked Questions for Schools

CAREERAY 2014-15

For non-degree-granting institutions only | For school use only — Not for distribution | Academic year 2014-15 (March)

Full disclosures and requirements can be found at SallieMae.com/CTSmartLoan.

WE RESERVE THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS, SERVICES, AND BENEFITS AT ANY TIME WITHOUT NOTICE. CHECK SALLIEMAE.COM FOR THE MOST UP-TO-DATE PRODUCT INFORMATION.

Career Training Smart Option Student Loans are made by Sallie Mae Bank® or a lender partner. The Sallie Mae logo, Sallie Mae, Sallie Mae Bank, Smart Reward, and Career Training Smart Option Student Loan are registered service marks of Sallie Mae, Inc. SLM Corporation and its subsidiaries are not sponsored by or agencies of the United States of America. ©2014 Sallie Mae, Inc. All rights reserved. SMSOSL MKT8738 0314

Can applicants change the loan amount?• Loan amounts can be increased before the right-to-cancel period

listed on the Final Disclosure as long as the amount doesn’t exceed the originally approved amount provided on the Loan Approval Disclosure.

• Loan amounts can be decreased as long as funds haven’t been fully disbursed to the school/student. If the funds have been disbursed, the school should return the loan funds to Sallie Mae and request the loan be issued for a lesser amount.

What does Sallie Mae need for school certification?• School name• Eight-digit Department of Education code or school code• Enrollment period• Enrollment status• Student borrower course of study/major• Grade level• Anticipated date of graduation• Certified loan amount• Disbursement amounts• Requested date(s) of first/subsequent disbursements

How long is the credit validity period?• There is a 180-day credit validity period during which the first

disbursement must occur.• Loan will be terminated if first disbursement isn’t within the credit

validity period.

What is your disbursement policy?• First disbursement occurs no earlier than 30 days prior to the first

day of enrollment period.• First disbursement occurs no later than 365 days following last day

of enrollment period.

What are Sallie Mae’s CommonLine codes?• Program Code: 091 – Smart Option Student Loan• Guarantor Code: 924 – SM

To Learn More:

Schools: 1-888-272-4665 | Students: 1-888-272-5543

RepaymentWhat if a borrower is having difficulty making payments?If customers are having difficulty making their monthly payments, Sallie Mae will work with students one-on-one to assess repayment options. We encourage students to contact us directly to discuss what options may be available.

What if loan money is returned?• A full return: If loan funds are returned within 60 days of the first

disbursement date, no interest or fees will accrue, and the loan will be canceled. If loan funds are returned more than 60 days after the first disbursement date, the funds can be returned, but the student is responsible for paying all accrued interest and fees. However, if the student borrower hasn’t endorsed the disbursement paper check, the student borrower is not responsible for any accrued interest or fees.

• A partial return of loan funds will be treated as a payment and can be made regardless of the number of days that have passed since first disbursement. Sallie Mae will credit the return to the loan balance; interest will accrue on the outstanding loan amount from that time forward.

How does a customer apply for loan forbearance?Under certain circumstances, borrowers who experience temporary financial difficulty may postpone principal and interest payments through approval of a Hardship Forbearance.

What if a borrower is impacted by military mobilization?Students who are members of the National Guard or Ready Reserves called to active duty for more than 30 days, or regular active duty members of the armed forces reassigned to another duty station due to military mobilization, may request to postpone payments for up to three years during the in-school repayment period or for up to two years during the principal and interest repayment period.

What if a borrower returns to school after entering the principal and interest repayment period?Borrowers who return to school will be provided the same repayment option terms that applied to the loan during the initial in-school period, limited to 48 months. Interest is capitalized at the end of the deferment period. Students can access the Deferment request form via their Sallie Mae online account.

For school use only. Not to be distributed to students.